Daniele Nouy: Persistent Efforts Still Required by Cypriot Banks

European Central Bank’s chief supervisor Daniele Nouy has said that efforts by Cypriot banks over the last few years to tackle the challenges they face are commendable and measurable progress has indeed been made, but has added that additional and persistent efforts are still required to ensure further progress in the reduction of non-performing loans (NPLs).

In a statement released by the Central Bank of Cyprus on the occasion of Nouy’s visit in Cyprus the Chair of the Supervisory Board of the ECB says that this is her third visit to Cyprus since 2014.

“I have had productive meetings with my colleagues at the Central Bank and with the Cypriot banks,” she adds.

She continues noting that “the efforts made by the Cypriot banks over the last few years to tackle the challenges they face are commendable and measurable progress has indeed been made, but additional and persistent efforts are still required to ensure further progress in the reduction of NPLs.”

“Banks have already taken decisive steps and they should make use of all available instruments,” she points out.

Nouy also expresses “my particular thanks to the supervisors at the Central Bank of Cyprus for their excellent cooperation during the last four years.”

“Their dedication to our goal is very much appreciated and I am grateful to them,” her statement concludes.